BSP Life Invests 2m FJD through Convertible Notes
Suva, Mar 1, 2022 AEST (ABN Newswire) - Fiji Kava Ltd (
ASX:FIJ) is a health and wellness company with operations in Australia, Fiji and the USA. The company which produces natural products to reduce anxiety, promote relaxation, improve sleep and support sports recovery and performance has today announced an investment by BSP Life (Fiji) Ltd totalling 2 million FJD via the purchase of Convertible Notes.
BSP Life is a leading provider of life and health insurance products in Fiji and has served the people of Fiji since 1876.
BSP Life Managing Director, Michael Nacola said: "We are delighted to partner with Fiji Kava and support their plans to capitalise on the growing global demand for our locally produced and locally processed noble kava. BSP Life has a diversified and fast-growing investment portfolio now close to FJD900 million. Part of our investment philosophy is to support local businesses that have long-term value creation potential. Broadening our country's economic base by investing in sectors like agriculture and supporting local farmers and are also key considerations for us. The partnership with Fiji Kava is a natural fit and we are confident their products will lift Fiji's profile on the global stage.
Fiji Kava CEO, Anthony Noble said: "As we expand our distribution network into the USA and beyond, Fiji Kava is investing in its operations in Fiji and scaling up manufacturing. We will ensure growing global demand for our kava products translates to meaningful economic benefits for our partners in Fiji. The investment made by BSP Life will support us in growing our Fijian infrastructure and accelerating our growth in the Fijian retail market with our Fiji Kava and Taki Mai brands."
The convertible notes carry a 5% coupon rate and a 5-year term after which they will convert to equity at a price of 15c per share. BSP Life will subscribe to 2 million FJD in convertible notes, FJ$1,000,000 on completion and 1m FJ$1,000,000 divided into equal quarterly instalments over the 12-month period following completion. The notes and interest may be repaid as cash or in stock at 15c per share at the discretion of either party. The funds will be utilised solely within Fiji.
About Fiji Kava Limited
Fiji Kava Limited (ASX: FIJ) is an Australian-Fijian medicinal kava health & wellness company, producing natural 'noble kava' products for the complementary and alternative medicine market, estimated to exceed USD $210 billion by 2026 globally. As the first foreign company with approval from the Fijian Government to operate in the kava industry, FijiKava has established a global leading sustainable and 100% traceable, certified organic supply chain of 'noble kava' including a nucleus farm in Levuka, on the island of Ovalau, Fiji.
FijiKava is focused on expanding the availability of noble kava products throughout western markets to provide a natural alternative to prescription medicines to promote sleep, soothe and calm the nerves, support muscle relaxation and relax the mind.
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